Mineral Resources share price lifts amid lithium stock buy-up

The Mineral Resources Limited (ASX: MIN) share price is higher this morning amid the revelation of a $12.6 million lithium buying spree.

The S&P/ASX 200 Index (ASX: XJO) minerals giant snapped up an additional 6 million shares in ASX lithium explorer Global Lithium Resources Ltd (ASX: GL1) on Tuesday. It announced its newly reinforced stake after the market closed last night.

The Mineral Resources share price is trading 0.59% higher at $71.87 at the time of writing.

For comparison, the ASX 200 has risen 0.22% while shares in Global Lithium are up 7.32% at $2.64.

Let’s take a closer look at the ASX 200 favourite’s latest investment.

Mineral Resources share price rises on Thursday

The Mineral Resources share price is lifting on Thursday, recovering some of the 3.2% tumble it recorded yesterday amid the ASX 200’s suffering.

Its gain comes after the company disclosed its newly upped stake in ASX lithium explorer Global Lithium.

The company snapped up 6 million shares in the smaller minerals stock for around $2.10 apiece on Tuesday.

That sees it holding 16.1 million shares in Global Lithium, representing 8% of the lithium explorer’s issued stock. That’s an increase on its previous 5.12% interest.

Global Lithium chair Warrick Hazeldine commented on the company’s increased investment in its ASX 200 counterpart:

We are pleased that one of our major shareholders MinRes continues to build its stake in [Global Lithium], which clearly demonstrates their strong support in both [Global Lithium]’s assets and the team.

As we continue to progress our programs on the ground at both Manna and Marble Bar, it is truly an exciting time to be part of the global energy transition market.

The ASX 200 giant first bought into the lithium hopeful back in March. Then, it snapped up a 5% interest as part of a $30 million capital raise.

Then, Mineral Resources spent $13.6 million on 10.1 million Global Lithium shares, with the stock priced at $1.35 apiece.

The post Mineral Resources share price lifts amid lithium stock buy-up appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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